Financial Advisor Report on TCL Group Co., Ltd.'s Absorption Merger
1. Declaration
China International Capital Corporation accepts the commission from the Board of Directors of TCL Group Co., Ltd. to act as the financial advisor for the absorption merger of its listed subsidiary, TCL Communication Co., Ltd. (hereinafter referred to as "TCL Communication"). The Board of Directors of TCL Group commits that all materials, documents, or other bases provided to the financial advisor for the issuance of this report are true, accurate, and complete. The analysis in this report is based on information provided by the Board of Directors of TCL Group, the prospectus for TCL Group's initial public offering, and other public information, such as the annual audit reports of TCL Communication for the past three years and public data from the capital market. This report only expresses opinions on the fairness and reasonableness of the share exchange price and ratio for the merger. It does not constitute any investment advice for either party involved in the merger, and the financial advisor bears no responsibility for any risks arising from investment decisions made by investors based on this report.